NEWARK, Del, July 23, 2024 (GLOBE NEWSWIRE) — The herbal supplement market value in 2019 was USD 86,859.4 million, and it followed a growth trajectory of 7.04% per year in the following five years. Their rising awareness of the health benefits of herbal supplements is the key factor driving its industrial production.
The global herbal or natural supplements market has attained a size to generate USD 93,886.3 million in 2024. By growing at an estimated CAGR of 7.6% between 2024 and 2034, herbal supplement sales are going to create an industry worth around USD 194,859.4 million by 2034.
Herbal supplements have become quite popular in recent years as more and more people are seeking alternatives to prescription medications and other synthetic nutritious supplements. Many consumers prefer herbal supplements because they feel they are safer and more natural than pharmaceutical medications.
Increased disposable income in emerging countries and a rise in the prevalence of health issues have also increased the intake of herbal supplements to some degree. So, Latin America and Asia Pacific countries are anticipated to become important herbal supplement marketplaces in the coming days.
Drivers of the Herbal Supplements Market
- Curcumin, which is an herbal ingredient, is becoming more widely used as a natural colouring ingredient in the food sector, such as ketchup, butter, crackers, cheese, and yellow cake.
- The growing popularity of clean label makeup products and skin creams is driving industry participants to incorporate natural and plant-based compounds like curcumin, which is generating revenue in the cosmetics market.
Restraints of the Herbal Supplements Market
- Constipation, gastric reflux, yellowish stool, and stomach pain are just a few of the side effects connected with curcumin use that are limiting sales.
- Curcumin sales are being hampered by the advent of low replacements such as artificial food colourants.
Key Takeaways from the Herbal Supplement Market Study Report
- The overall market is going to experience an absolute growth opportunity of over USD 100 billion over the next ten years.
- The United States market holds a substantial share of the global revenue and is putting in efforts to realize a 7.2% CAGR over the forecasted period.
- In Europe, Germany is the key region for the production of herbal supplements and it could progress with a CAGR of 5.8% through the projected years.
- Asia Pacific countries are witnessing more lucrative growth opportunities and China tops with an anticipated CAGR of 6.8% from 2024 to 2034.
- Japan and India are the other two notable regional markets in Asia, with expected CAGRs of 3.7% and 4.2%, respectively, over the next ten years.
“Consumers’ attraction to herbal supplements made from responsibly collected herbs and components has resulted in the emergence of many new companies supplying herbal supplement ingredients. Moreover, the emerging trend of clean label ingredients and organic or plant-based vegan ingredients have strengthened the herbal supplement sector considerably,” says Nandini Roy Choudhury, Client Partner at Future Market Insights.
Pharmaceuticals to Remain in High Demand Among Consumers in the Herbal Supplements Market
In the herbal supplement market, the pharmaceuticals section held the highest volume. America and Asia-Pacific are anticipated to become important herbal supplement marketplaces. The pharmaceutical industry’s expansion will benefit the herbal supplement business in these areas. Because of the increasing demand for herbal treatments, several of the most well-known pharma firms are undertaking studies on various herbal supplements.
As a result of their efforts, the herbal supplement industry in countries like Asia Pacific and Latin America would see rise. Alternative pharmaceutical products like ancient Asian and ayurvedic therapy are in high demand in Asia.
Furthermore, demand for herbal supplements has increased due to substantial expansion in the pharmaceutical industry in developing nations such as India and China. Moreover, the market’s expansion would be aided by continued demand from the nations such as Europe.
North America to Dominate the Market Share
In regions, North America had the greatest share of the revenue and is likely to continue to dominate the global herbal supplements market over the forecasted period. The growth of this market is largely driven by an increase in the obesity rate, government efforts and financing to encourage health awareness, and lifestyle changes.
The increasing population joining fitness clubs and gyms has surged considerably, boosting the country’s herbal supplement business.
Weight gain disorders like diabetes are on the rise, and customers with more disposable income are more likely to use herbal supplements. Over the projected period, Asia-Pacific herbal supplement market is projected to expand at the fastest rate. The primary factor for market expansion is consumer reliance on herbal supplements for safety and effectiveness.
Competitive Landscape for the Herbal Supplement Market Players
The overall market is highly fragmented and moderately competitive as sourcing of raw materials or plant-based ingredients is region-specific. According to FMI, Blackmores, Bio-Botanica, Daniels Midland, Ricola, and Arizona are identified as key herbal supplement brands.
Key Players Profiled
- Glanbia plc
- Jarrow Formulas, Inc.
- Archer Daniels Midland Company
- Nature’s Bounty
- Herbalife International of America, Inc.
- Blackmores
- Nutraceutical International Corporation
- Gaia Herbs
- Jarrow Formulas, Inc.
- Solgar, Inc.
- Ancient GreenFields Pvt. Ltd
- Now Foods
Recent Developments by the Herbal Supplement Industry Participants
- In January 2021, Prorganiq launched a new line of premium herbal supplements containing nutritious herbs that are manufactured in “FSSAI” registered and “GMP” certified facilities. Featuring all-natural herbs and medical components, this novel line of herbal supplements is designed to help overcome deep-rooted health concerns and create a healthy body.
- In June 2021, Vasu Healthcare released Single Herb Vegetarian Capsules, including Holy Basil, Amalaki, Moringa, Ashwagandha, Guduchi, and Turmeric. Vasu Healthcare is based in India and its 100% vegetarian capsules made with standardized herbal extracts for consistent quality and performance were leased under the Safe Herbs brand. The firm claims to provide a wide range of health advantages from traditionally established herbs without adding gluten, lactose, color, flavor, or preservatives.
How Will Growth Unfold
Obesity and aging population are on the rise across the world. Therefore, herbal supplements for medical uses are popular. The total herbal supplement industry is being boosted by the increasing incidence of sedentary lifestyle, increased consumption of healthy meals, and more awareness regarding health care.
Other important reasons driving the herbal supplements market include rising disposable income in developing nations, increasing knowledge of the health advantages of herbal supplements, and an increase in the prevalence of health conditions.
Diabetes, cardiovascular disease, cancer, and other chronic diseases have increased rapidly across the globe. An increased awareness of eating healthy has resulted out of an increase in the occurrence of medical conditions. Customer awareness of fitness and health has grown in nations such as China and India because of improved lifestyles and eating habits.
People are becoming increasingly aware of their food consumption and the advantages of herbal supplements, which is fueling the growth of herbal supplement market. Additionally, alterations in their lifestyle have caused them to place a greater emphasis on their health.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets.
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